Category: Residency

The UK is currently experiencing an unusual economic climate. On one hand, we are facing a possible recession but on the other hand, the reduced qualified/skilled available workforce is leading employers to look overseas. This article hopes to dispel some of the myths surrounding sponsoring non-UK nationals.

What do I need to think about, when employing a non-UK national?

Firstly, where is your prospective employee?  If they are in the UK, how are they in the UK?

There are a number of immigration categories where an non-UK national is able to work for you in the UK without you needing to sponsor them. For instance:

• Holders of Ancestry visas
• Holders of dependant status: where their partner is in the UK under one of the work categories
• Holders of spouse visas

If none of the above apply, then, if you are a UK trading entity, you can sponsor a non-UK national if you obtain/hold a sponsor licence.

Is it very expensive to sponsor a worker?

The total cost of sponsoring a non-UK employee depends on the following:

1. Whether you are considered a small/medium or large company
2. The duration of the permission: less or more than 3 years
3. The job type: is it considered a shortage occupation or is it a PhD occupation?
4. How old is your candidate?

Secondly, you need to consider what you, as an employer must pay for and what the employee pays for. Any immediate costs; for assigning the certificate of sponsorship, the certificate charge and the Immigration Skills Charge, is the responsibility of the employer. The other costs; Immigration Health Surcharge, priority processing and visa fees, are the responsibility of the employee and if paid by the employer are considered to be a “benefit in kind”.

Is it difficult to obtain a sponsor licence?

The main complexity with the sponsor licence application is that, if an application is refused, you are unable to reapply for 6 months.

The rules surrounding which entities can apply, the evidence  required to be submitted and whether a licence is required for each related entity in the UK is a challenge. Although information is available on the UK Government portal, it is not always clear which sections apply.

I have heard that the process is complicated and burdensome for the employer

That depends on whether you are already running a compliant business. Contrary to popular belief, the sponsor licence obligations complement the compliance required for employment law, tax, and  health and safety along with other areas of UK law. It is only complicated/burdensome, if you do not already have an effective compliance infrastructure in  place.

Additional Information

If you have any questions and/or would like tailored advice on any UK immigration matter, please speak to us at: advice.uk@dixcart.com, or to your usual Dixcart contact.

Have you just landed in Cyprus or are you planning to relocate to Cyprus and benefit from the numerous tax benefits Cyprus has to offer?

Tax Advantages Available to Expats in Cyprus

• Under the Cyprus non-domicile programme new tax residents of Cyprus enjoy an exemption from taxation on; dividends, interests, capital gains*, AND capital sums received from pensions, provident and insurance funds, for a period of 17 years.
• Cyprus has no wealth or inheritance tax.
• 50% of the remuneration of employees with a first job working in Cyprus, is exempt from income tax for a period of 17 years. Annual remuneration must exceed €55,000 and employees must not have been residents of Cyprus for a period of, at least, 10 consecutive years, prior to the start of their employment in Cyprus.

How Can Dixcart Help?

Expats working in Cyprus need to apply for various documents. Dixcart can assist with this process and help ensure that it is as simple and timely as possible.

1. Within four months of arrival in Cyprus EU – citizens need to obtain a Cyprus Residence Certificate.

For non-EU citizens other requirements apply, depending on the type of residence application. Dixcart can provide advice to non-EU nationals regarding the documentation that they need to provide.

2. New residents need to apply for a personal Tax Identification Number.
3. Each year a personal income tax declaration needs to be filed.

Finally, do not forget your driving licence, it may make sense to convert this to a Cypriot one.

Dixcart Contact Details

Dixcart Cyprus is happy to assist with all relevant administrative matters from your arrival in Cyprus and during your stay in Cyprus. Please speak to Charalambos or Katrien: advice.cyprus@dixcart.com

We also provide advice regarding the tax benefits available and how you can take steps to ensure that you are receiving these.

*Exception being capital gains from the sale of immovable property in Cyprus

Non-EU Individuals wishing to move to Cyprus can apply for a Permanent Residence Permit which is useful as a means to ease travel to EU countries and organise business activities in Europe.

The process is simple: applicants must make an investment of at least €300,000 in one of the investment categories required under the programme, and prove they have an annual income of at least €50,000 (which can be from pensions, overseas employment, interest on fixed deposits, or rental income from abroad).

If the holder of a Permanent Residence Permit resides in Cyprus, this may make them eligible for Cyprus citizenship by naturalisation.

Alternatively, in order to encourage new businesses to the island, Cyprus offers temporary visa routes as a means for individuals to live and work in Cyprus:

• Establishing a Cyprus Foreign Investment Company (FIC): work permits can be obtained for relevant employees, and residence permits for them and family members. After residing for seven years in Cyprus, within any ten-calendar year period, third country nationals can apply for Cyprus citizenship.
• Establishment of a small and medium sized Innovative Enterprise (Start-up visa): the core goal of the Cyprus start-up visa scheme is to allow talented, non-EU entrepreneurs from countries located outside the EU and outside the EEA to reap the benefits of residing and working in Cyprus, whilst the island benefits from the development of these innovative new businesses. There are two main schemes: (1) the Individual Start-up Visa Scheme; and (2) the Team Start-up Visa Scheme.

This visa is available for one year, with the option to renew for another year.

• The Cyprus pink slip. You must renew the pink slip annually. Under this permit, a person is allowed to live in Cyprus as a visitor (without the right to work). Also, his family members, spouse, and children (under 18 years old) can get the pink slip as dependants. The whole family applies at the same time; each family member files a separate application form and gets his temporary residence card.

It is common for high-net-worth individuals to relocate to Cyprus for employment purposes. If the Permanent Residence Permit or the above temporary permits are not the right route for you and/or your family, Cyprus offers another alternate way to live and work in Cyprus:

• Digital Nomad visa: non-EU nationals who are self-employed, salaried, or on a freelance basis can apply for the right to live and work in Cyprus remotely, for up to one year. The visa can be renewed for another two years. Currently the cap of the total amount of allowed applications has been reached and therefore this programme is currently unavailable.

If you are considering relocating to Cyprus, please get in touch with Katrien de Poorter who would be delighted to speak with you: advice.cyprus@dixcart.com.

Switzerland is a very attractive location to live and work for many non-Swiss nationals. It offers amazing scenery as well as a number of world-famous cities such as Berne, Geneva, Lausanne, and Zurich. It also offers an attractive tax regime for individuals as well as for companies, in the right circumstances.

It is an enchanting country, blessed with spectacular hiking and skiing trails, beautiful rivers and lakes, picturesque villages, Swiss festivals throughout the year, and, of course, the spectacular Swiss Alps. It appears on almost every bucket list of places to visit but has succeeded in not feeling over-commercialised – even with the tourists flocking to the country to try the world-famous Swiss chocolates.

Switzerland features almost at the top of the list of most attractive countries for high-net-worth individuals to live. It is one of the world’s wealthiest countries and is also known for its impartiality and neutrality. It offers an exceptionally high standard of living, first-rate health service, outstanding education system, and boasts a plethora of employment opportunities.

Switzerland is also ideally situated for ease of travel; one of the many reasons high-net-worth individuals choose to relocate here. Perfectly situated in the middle of Europe means moving around could not be easier, especially for individuals who regularly travel, internationally.

In Switzerland, four different languages are spoken, and English is well spoken everywhere.

Living in Switzerland

Although Switzerland has a variety of beautiful towns and alpine villages to live in, expats and high-net-worth individuals are mainly drawn to a few specific cities. At a glance, these are Zürich, Geneva, Bern and Lugano.

Geneva and Zürich are the biggest cities due to their popularity as centres for international business and finance. Lugano is located in Ticino, the third most popular canton, as it is close to Italy and has a Mediterranean culture many expats enjoy.

Geneva

Geneva is known as the ‘international city’ in Switzerland. This is due to the high number of expats, the UN, banks, commodity companies, private wealth companies, as well as other international companies. Many businesses have set up head offices in Geneva. However, the main attraction for individuals, continues to be the fact that it is in the French part of the country, has a well-looked-after old town full of history and culture and boasts Lake Geneva, with a magnificent water fountain which reaches 140 meters into the air.

Geneva also has fantastic connections to the rest of the world, with a large international airport and connections to the Swiss and French rail and motorway systems.

In the winter months, residents in Geneva also have very easy access to the Alp’s best ski resorts.

Zürich

Zürich is not the capital of Switzerland, but it is the largest city, with 1.3 million people within the canton; an estimated 30% of the residents in Zürich are foreign nationals. Zürich is known as the Swiss financial capital and is home to many international businesses, especially banks. Even though it gives the image of high-rise buildings and a city lifestyle, Zürich has a beautiful and historical old town, and an abundance of museums, art galleries and restaurants.  Of course, you are also never too far from the lakes, hiking trails and ski slopes if you love being outdoors.

Lugano and the Canton of Ticino

The canton of Ticino is the southernmost canton of Switzerland and borders the canton of Uri to the north. The Italian-speaking region of Ticino is popular for its flair (due to its proximity to Italy) and fantastic weather.

Residents enjoy a snowy winter but in the summer months, Ticino opens its doors to tourists who flood to its sunny coastal resorts, rivers and lakes, or sun themselves in the town squares and piazzas.

Working in Switzerland

There are three ways to be entitled to work in Switzerland:

• Being hired by an existing Swiss company.
• Forming a Swiss company and become a director or an employee of the company.
• Investing in a Swiss company and become a director or an employee of the company.

When applying for Swiss work and/or residence permits, it is important to note that different regulations apply to EU and EFTA nationals compared to other nationals, so it is worth checking.

The most popular route is definitely individuals forming a company in Switzerland. This is because EU/EFTA and non-EU/EFTA nationals can form a company, be employed by it, reside in Switzerland, and benefit from the attractive tax regime.

Any foreign national can form a company and therefore potentially create jobs for Swiss nationals. The owner of the company is eligible for a residence permit in Switzerland, as long as he/she is employed by the company in a senior capacity.

For more information on forming a Swiss company, please read our following article: Moving to Switzerland and Want to Work? The Benefits of Forming a Swiss Company – Dixcart

Taxation is also a topic that needs to be considered.

• Taxation of Individuals

Each canton sets its own tax rates and generally imposes the following taxes: income, net wealth, real estate, inheritance, and gift tax. The specific tax rate varies by canton and is between 21% and 46%.

In Switzerland, the transfer of assets, on death, to a spouse, children and/or grandchildren is exempt from gift and inheritance tax, in most cantons.

Capital gains are generally tax free, except in the case of real estate. The sale of company shares is one of the assets, that is exempt from capital gains tax.

Lump Sum Taxation – if not working in Switzerland

A non-Swiss national, who does not work in Switzerland, can apply for Swiss residency under the system of ‘Lump Sum Taxation’.

• The taxpayer’s lifestyle expenses are used as a tax base instead of his/her global income and wealth. There is no reporting of global earnings and assets.

Once the tax base has been determined and agreed with the tax authorities, it will be subject to the standard tax rate relevant in that canton.

Work activities outside Switzerland are permitted. Activities relating to the administration of private assets in Switzerland can also be undertaken.

Third country nationals (non-EU/EFTA) may be required to pay a higher lump-sum tax on the basis of “predominant cantonal interest”. This will depend on several factors and varies case by case.

Additional Information

I hope this article has inspired you to visit Switzerland and to consider this incredible country as a place of residence. No matter which canton draws your attention, or which city you decide to settle in, the rest of the country, and Europe, is easily accessible. It may be a small country, but it offers; a diverse range of places to live, a dynamic mix of nationalities, is headquarters to many international businesses, and caters to a large range of sports and leisure interests.

The Dixcart office in Switzerland can provide a detailed understanding of the Swiss Lump Sum System of Taxation, the obligations that need to be met by applicants and the fees involved. We can also give a local perspective on the country, its people, the lifestyle, and any tax issues.

If you would like to visit Switzerland, or wish to discuss moving to Switzerland, please do get in touch: advice.switzerland@dixcart.com.

Background

The new visa for digital nomads became available on October 30^th 2022, allowing any remote worker or self-employed individual to pursue their profession in Portugal, enjoying all of the quality of life that Portugal has to offer.

The Digital Nomad Visa offers good residency options for non- EU digital nomads who either want to work remotely while living in Portugal for one year, or wish to make Portugal a permanent residency. It is also relevant for individuals applying for a residency permit and following the 5-year path for Portuguese citizenship or, alternatively, applying for the Portuguese permanent resident permit.

The Visa outlined in this article, leads to residency in Portugal, while a different Digital Nomad Visa does not. For more information, please speak to us: advice.portugal@dixcart.com.

Overview

With the last amendment of the relevant law, the Portuguese Government implemented the digital nomad visa, specifically allowing foreign professionals to provide their services remotely, either as a subordinate worker or as an independent worker from Portugal, and to apply for residency in Portugal. 

Step 1: Hire a Legal Adviser

As the digital nomad visa is relatively recent, it requires an expert with sufficient experience and knowledge of Portuguese immigration law, to take you smoothly through the process. Things to consider when hiring a legal adviser, are experience in the market, specifically in this area, and the track history of the firm.

Once a legal adviser is appointed, they will assist you with the documents that you need to collect to apply for the visa and schedule the relevant appointment at the Portuguese Consulate, for the area where you reside, helping you through every step of the process.

Step 2: Portuguese Tax number and Opening a Portuguese Bank Account

To apply for the visa, you will need to prove that you have sufficient means of subsistence in Portugal for the period of your stay (a minimum of one year). This means that a Portuguese bank account, and consequently a Portuguese tax number, are required.

A deposit of the minimum monthly Portuguese salary of €820 in 2024, multiplied by twelve (the minimum stay period) is mandatory, to present to the Portuguese Immigration Authorities (i.e., €9,840).

Step 3: Collect Documentation

You will need to assemble a number of documents for the appointment at the Portuguese Consulate:

General documentation required to request a visa:

1. Proof of legal residency in the country from where you are applying
2. Travel insurance covering necessary medical expenses, valid for 12 months
3. Criminal record certificate
4. Proof of accommodation in Portugal for, at least, 12 months
5. Proof of means of subsistence in Portugal

Specific documentation for the digital nomad visa

• Working for an employer – one of the following documents:
  • Work contract; or,
  • Promise of work contract; or,
  • Declaration by employer confirming the labour link.
• Independent professional activity – one of the following documents:
  • Proof of company incorporation; or,
  • Contract of service provision; or,
  • Written proposal of services provision contract; or, 
  • Document attesting the services provided to one or more entities.
• Proof of average monthly income for the last three months with a minimum value equivalent to four times the Portuguese minimum wage: €3,040 (in 2024 the minimum wage is expected to be €820 , which means that the minimum relevant wage for this Visa will be €3,280).
• A document confirming tax residence.

Step 3: Legal Formalities

Make an appointment at the Portuguese Consulate, where a meeting must take place to deliver the documentation and for biometrics for the visa to be taken.

Step 4: Final Steps

After analysis of the application is complete, the digital nomad visa is issued for a period of four months and allows two legal entries into Portugal. When in Portugal, an appointment needs to be made with the Portuguese Immigration Authorities to complete the process. Once the digital nomad visa for residency is issued, it will be valid for two years and there is an option to then renew it.

Advantages

Work remotely and legally from Portugal Mainland or either of the Islands of Madeira or the Azores, and enjoying the amazing weather and food.

In Madeira, the “Digital Nomads Madeira” has already been created, which is a village for digital nomads, where they can enjoy workspaces, places of activity and community, with updated technology.

After 5 years, you can apply for citizenship or a Portuguese permanent residency permit that may be valid up to a period of 10 years.

Finally, permanent Visa Free entry and movement in the Schengen Area, for up to 90 days out of any 180 days.

Additional Information

If you require any additional information regarding the Digital Nomad visa, the processes involved and the advantages it offers, please contact the Dixcart office in Portugal: advice.portugal@dixcart.com.

We will be delighted to help you.

Malta has introduced a New Start-up Residence Programme

At the 2-day “Start-In-Malta Festival” in October 2022, Malta Residence Agency announced a new residence programme: the Malta Start-Up Residence Programme.

• This new visa will allow non-European nationals to relocate and live in Malta, by establishing an innovative start-up.

The programme allows founders/co-founders to apply for a 3-year residency permit, together with their immediate family, and the company to apply for 4 additional permits for Key Employees.  

The Hon. Miriam Dalli (Minister for the Environment, Energy and Enterprise) stated “we want to be at the forefront of cutting edge technology innovation, research & development“.

Highlights of the new Start-Up Residence Visa

• Fast and efficient application process
• Founders/Co Founders receive a 3-year permit that can be potentially renewed for another 5 years (it is possible to include immediate family members in the application)
• Founders/Co Founders may apply for permanent residency after residing in Malta for 5 years
• The Start-up company can also apply for residence permits for up to 4 Key employees (of which they will need to satisfy the requirements of the KEI)
• Key Employees receive a 3-year residence permit that can be renewed for another 3 years (it is possible to include immediate family members in the application)
• Key Employees may apply for long term residency after completing 5 years in Malta

Salient Points:

• The Start-up Business Plan must be approved by Malta Enterprise
• Malta Enterprise will periodically review the start-up activities
• It is still possible to apply for all Malta Enterprise Support Measures, however the residence permit will only be approved once the funding is approved (if no funding is required, the Residence application process may be swift):
  • Funding Available for it and Fintech Business in Malta
  • Malta – The Package of Support Available for Research and Development Projects 

• It is expected that the successful applicants will reside in Malta and make Malta their permanent residence and therefore there is a minimum stay requirement of 183 days per year

Additional Information

For further information on the new Start-up Visa, please do not hesitate to contact Jonathan Vassallo: advice.malta@dixcart.com at the Dixcart office, in Malta or your usual Dixcart contact.

Dixcart Management Malta Limited Licence Number: AKM-DIXC.

Background to the “60 Day” Tax Residency Rule

In July 2017, the Cyprus Parliament voted for an amendment to the then criteria used to determine Cyprus tax residency. In addition to the 183 day rule, a second test was introduced in relation to an individual’s tax position in Cyprus: the 60 Day Tax Residency Rule.

• The “183 day rule” applies to individuals who have physically resided in Cyprus for more than 183 days during one calendar year.
• In addition to this, a second test was implemented whereby an individual can become Cyprus tax resident in 60 days. This rule is applicable to individuals who do not spend more than 183 days in Cyprus or in any other jurisdiction.

Since the implementation of the 60 day tax rule, a number of individuals have relocated to Cyprus to take advantage of the various tax benefits that are available.

Criteria to be Met for an Individual to Meet the “60 Day” Residency Rule

The “60 day rule” applies to individuals who in the relevant tax year:

• reside in Cyprus for at least 60 days;
• operate/run a business in Cyprus and/or are employed in Cyprus and/or are a director of a company which is tax resident in Cyprus. Individuals must also have a residential property in Cyprus which they own or rent;
• are not tax resident in any other country;
• do not reside in any other single country for a period exceeding 183 days in aggregate.

Overview – Cyprus

Cyprus has positioned itself well, as a country of choice for both individuals and corporations, through the availability of various tax incentives and benefits. The numerous tax incentives offered has seen a steady flow of EU and non-EU nationals establishing their business operations in Cyprus. In addition, individuals find Cyprus a tax efficient location to structure their personal tax positions, by taking advantage of flexible tax resident rules and the non-domicile tax regime.

As an EU member state, Cyprus offers a pleasant climate, adequate infrastructure, and a convenient geographical location. There are two main airports which provide frequent flights to most European cities, as well as several international destinations.

Days Spent In and Out of Cyprus

For the purpose of the rule, days “in” and “out” of Cyprus are defined as:

• the day of departure from Cyprus counts as a day out of Cyprus;
• the day of arrival in Cyprus counts as a day in Cyprus;
• arrival in Cyprus and departure on the same day counts as a day in Cyprus;
• departure from Cyprus followed by a return on the same day counts as a day out of Cyprus.

What are the Advantages of Being a Cyprus Tax Resident?

Non-Domicile Status

The non-domicile tax regime is particularly interesting for individuals whose main source of income is either dividend or interest income, as these sources of income will not be taxable in Cyprus. In addition, individuals can take advantage of the exemption from taxation of capital gains (other than on the sale of immoveable property in Cyprus).

Employment Income Exemption

On 26 July 2022, the long-anticipated enhancement of this tax incentive for individuals took place.

• The new provisions allow for a 50% exemption from taxation, for income in relation to first time employment in Cyprus, for individuals with annual remuneration over 55,000. The previous remuneration threshold had been €100,000.

This exemption is available for a period of 17 years.

Exemptions on Income from Employment Outside Cyprus

Individuals who are employed outside of Cyprus for more than 90 days aggregate in a tax year, by a non-Cyprus tax resident employer or foreign permanent establishment of a Cyprus tax resident employer, are exempt from income tax on this income.

Additional Information

For additional information about the attractive 60 Day Tax Residency Rule for individuals moving to Cyprus, please contact advice.cyprus@dixcart.com.

Background

Malta, without doubt, is one of the countries with the greatest number of residency routes; there is an option for everyone.

Located in the Mediterranean, just south of Sicily, Malta offers all of the advantages of being a full member of the EU and Schengen Member States, has English as one of its two official languages, and a climate many chase all year round. Malta is also very well connected with several international airlines, including British Airways, Lufthansa, Emirates, Qatar, Turkish Airlines, Ryanair, EasyJet, WizzAir, and Swiss, which fly into and out of Malta almost daily.

Its location in the centre of the Mediterranean has historically given it great strategic importance as a naval base, with a succession of powers having contested and ruled the islands. Most of the foreign influences have left some sort of mark on the country’s ancient history.

Malta’s economy has enjoyed large growth since joining the EU and the forward-thinking Government actively encourages new business sectors and technologies.

Malta Residence Programmes

Malta is unique in that it offers nine residence routes to meet different individual circumstances.

Some are appropriate for non-EU individuals, whilst others provide an incentive for EU residents to move to Malta.

These routes include those offering individuals a fast and efficient way to obtain a European permanent residence permit and visa-free travel within the Schengen Area, as well as another option designed for third country nationals to legally reside in Malta but maintain their current job remotely. An additional regime is targeted towards professionals earning over a certain amount each year and offering a flat tax of 15%, and finally, there is a route specifically for those who have retired.

• It should be noted that none of the Malta residence routes have language test requirements.

The Nine Malta Residence Programmes

Here is a quick breakdown:

• Malta Permanent Residence Programme – open to all third country, non-EEA, and non-Swiss nationals with a stable income and sufficient financial resources.
• Malta Start-Up Programme – this new visa allows non-European nationals to relocate and live in Malta, by establishing an innovative start-up. founders and/or co-founders of the start-up can apply for a 3-year residency permit, together with their immediate family, and the company to apply for 4 additional permits for Key Employees.  
• Malta Residence Programme – available to EU, EEA, and Swiss nationals and offers a special Malta tax status, through a minimum investment in property in Malta and an annual minimum tax of €15,000.
• Malta Global Residence Programme – available to non-EU nationals and offers a special Malta tax status, through a minimum investment in property in Malta and an annual minimum tax of €15,000.
• Malta Key Employee Initiative – a fast-track work permit application programme, applicable to managerial and/or highly-technical professionals with relevant qualifications or adequate experience relating to a specific job.
• The Malta Highly Qualified Persons Programme – available to EU nationals for 5 years (may be renewed up to 2 times, 15 years in total), and non-EU nationals for 4 years (may be renewed up to 2 times, 12 years in total). This programme is targeted at professional individuals earning more than €81,457 per annum and seeking to work in Malta in certain industries.
• Qualifying Employment in Innovation & Creativity Scheme – targeted towards professional individuals earning over €52,000 per annum and employed in Malta on a contractual basis at a qualifying employer.
• Digital Nomad Residence Permit – targeted at individuals who wish to maintain their current job in another country, but legally reside in Malta and work remotely.
• Malta Retirement Programme – available to individuals whose main source of income is their pensions, paying an annual minimum tax of €7,500.

The Remittance Basis of Taxation

To make life even more enjoyable, Malta offers tax benefit to expatriates on some of the residence options such as the Remittance Basis of Taxation

Individuals on the certain residence permits in Malta that are resident non-domiciled individuals are only taxed on Malta source income and certain gains arising in Malta. They are not taxed on non-Malta source income not remitted to Malta and are not taxed on capital gains, even if this income is remitted to Malta.

Additional Information and Assistance

Dixcart can assist in providing advice as to which residency route would be most appropriate for each individual or family.

We can also organise visits to Malta, make the application for the relevant Maltese residence route, assist with property searches and purchases, and provide a comprehensive range of individual and professional commercial services once relocation has taken place.

For further information about moving to Malta please contact Jonathan Vassallo: advice.malta@dixcart.com.

Dixcart Management Malta Limited Licence Number: AKM-DIXC.

Why Portugal?

Portugal is currently a topic of conversation, across the world, for several reasons. It is more than just the sunny weather, low cost of living, great food, variety of world winning wines and charming people, that everyone is speaking about.

The reason is simple: Portugal is a place people actually want to live and can see the possibility of raising a family and doing business in. A combination of factors now encourages leading entrepreneurs to establish and grow their companies in Portugal.

Portugal- A Few Facts and Figures

Portugal is projected to exceed the European economic growth forecasts, at least until 2024. It has been ranked as one of the best places to live according to the Global Peace Index (currently ranking 6^th on the 2022 Global Peace Index), offers very good healthcare according to the Health Care Index (with an average life expectancy of 82.47 years in 2022), and is ranked highly from an education point of view.

Traditional Portuguese Universities have become “Top Ranking” International Universities, the  “Universidade Católica Portuguesa” and “Nova SBE” were included as two of the best universities in the world by the British newspaper, The Financial Times, in 2018.

It is without a doubt a place that ticks the boxes when choosing a place to live.

Portugal’s Golden Visa – Evolution

The Golden Visa became increasingly popular after its introduction and attracted world attention to Portugal. The world came to learn about Portugal and having the Golden Visa, and making a permanent move to work and live in Portugal.

Of course, moving to Portugal requires more than just a visa and there needs to be economic reasons to do so. It is becoming rapidly apparent that the economic potential is vast and powerful in Portugal, especially when taking into account that it is a small European country on the tip of the western continent.

The D2 Visa – Becoming ‘Golden’

The D2 visa is the real Golden Visa, as it not only allows you to benefit from living in Portugal, with unlimited access to the Schengen area, but provides the opportunity to benefit from access to one of Europe’s best places to establish a business, by living there.

Portugal has become known as the California or Silicon Valley of Europe. Successful global tech events such as the Web Summit have now taken place in Lisbon for several years running – testament to the fact that it is a place that is finding the right people with the right mindset.

The D2 visa is essentially an entrepreneurial visa.

D2 Visa: The Criteria

Requirements include the following:

• Be a non-EU national
• Have sufficient funds to support yourself during your stay in Portugal
• Incorporate a Portuguese (or Madeiran) company
• Prepare a business plan
• Hold a clean criminal record
• Residing for more than 183 consecutive days in Portugal (or not be absent from Portugal for more than 8 non-consecutive months in any single calendar year)
• Show proof of a place to live in Portugal
• Becoming a fiscal resident in Portugal

Why Should You Reach out To Dixcart?

Dixcart has over 50 years experience, with a presence in the Portuguese market for over 30 years. We have thus dealt with many structures and arrangements from start to finish, working with international investors and families from many corners of the earth. As a trusted service provider, we look forward to welcoming you as a client.

In addition to assisting entrepreneurs to select the most appropriate legal route to structure their activities in Portugal, Dixcart also provides:

• A complete range of services relating to the incorporation of a company and its day-to-day obligations; from bookkeeping through to tax compliance.

• Assistance to entrepreneurs and their families in relocating to Portugal and in obtaining the necessary residence permits.

Additional Information

If you require additional information regarding the D2 visa and the types of company and tax frameworks available in Portugal and/or the types of visa and residence options, please contact Lionel de Freitas at the Dixcart office in Portugal at: advice.portugal@dixcart.com.